Links in “CFPB”
- A Look at the CFPB’s Bulletin on PMI
Here's a look at what's in the CFPB's recent compliance bulletin on the cancellation and termination requirements for private mortgage insurance. Not much new here, but it is clear that the CFPB feels the need to call the industry's attention to this area and may focus on it in future examinations. [8/10/15]
- Court Reopens Fundamental Questions About CFPB
D.C. Circuit court breathed new life into questions about the validity of the CFPB, including its constitutionality, whether it should be run by a commission rather than a director, and whether its director was improperly appointed. [8/10/15]
- CFPB Looking at Treatment of Disabled Veterans
Although the CFPB does not have authority under the Americans with Disabilities Act, the agency is sending signals that it may be heading that way when it comes to how veterans with service-connected disabilities are being treated financially. [8/3/15]
- Financial Institution Given Permission to Battle the CFPB
In a unprecedented move, a three-judge panel from the D.C. Circuit Court ruled unanimously that a small community Texas bank had the standing to challenge the constitutionality of the CFPB. The bank filed the suit after they were unable to continue issuing mortgage loans to lenders and complete wire transfers due to CFPB rules. [8/3/15]
- Risk Watch 64: What Went Wrong With Regions Bank?
In 2012, an Alabama-based bank voluntarily reimbursed nearly $35 million in wrongful overdraft fees to some 200,000 customers. So what did they do that cost them a $7.5 million fine in 2015, and what can your institution do to avoid the same mistakes? [7/31/15]
- CFPB Orders $1.5 Million Fine for Servicing Wrongs
CFPB took action against Residential Credit Solutions, Inc. for blocking consumers' attempts to save their homes from foreclosure. The mortgage servicer failed to honor modifications for loans transferred from other servicers, treated consumers as if they were in default when they weren't, sent consumers escrow statements falsely claiming they were due a refund, and forced consumers to waive their rights in order to get a repayment plan. [7/31/15]
- Texas Bankers Sees the CFPB, Raises the Stakes Over Overdraft Requests
In response to the CFPB's orders to financial services core processors for transaction data on the overdraft services of their client banks, the Texas Bankers Association has filed a Freedom of Information Act request with the CFPB to turn over the documentation it received as well as its analytical surveys and the legal analysis it relied upon to support such a broad data sweep. [7/31/15]
- RESPA Worries Push Wells Fargo to Kill Marketing Arrangements
Effective Aug. 1, Wells Fargo will end the practice of providing payments or services to agents and builders that refer home buyers over concerns about the CFPB's regulatory oversight of these types of arrangements. [7/31/15]
- CFPB Participates in Civic Hacking
People from all over participated in National Day of Civic Hacking, where technology enthusiasts are invited to provide input on government information. The CFPB participated and received input regarding its consumer complaint database and public HMDA database. [7/30/15]
- Su Casa: CFPB Issues Spanish Editions of TRID Disclosures
"Your Home Loan Toolkit," a disclosure that is to be provided in place of the "Settlement Cost Booklet" when the new TILA/RESPA Integrated Disclosure rule takes effect Oct. 3, is now available in Spanish as well. See the full list of items available here. [7/30/15]
